Don't let the tax tail wag the dog

Sometimes aspiring 1099s will get excited about all the tax benefits of being able to "write-off" business expenses.

The thing is, as a solo 1099, your business expenses are likely minimal, which means your potential tax savings are minimal.

For example, if you buy a new laptop for $2,000 and you use it 50% of the time for business, you can expense $1,000 of it.

If your marginal tax rate is 24%, you'd save $240 bucks in taxes.

Nice? Sure.

Life changing? Not really.

Instead of getting exciting about a few hundred or even a few thousand bucks in tax savings, get excited about increasing your income by 25 to 100% and having more control over your life.

When you're making an extra $50,000 per year, you won't care about a few hundred bucks in tax savings.

Want the full playbook? Check out Going 1099.